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This video tutorial explains the key points of a typical severance contract that employees receive when they are fired. Severance packages are not free money, as accepting them means giving up significant legal rights. The video compares a $10,000 severance agreement with a $400,000+ agreement to illustrate the differences. The presenter uses real severance agreements from former clients, with identifying information redacted. The video also mentions other videos on severance to help viewers understand their options.